Balance Transfer Card Query

Jakdore

I have a couple of credit cards and thinking of moving the debt on both to a balance transfer card with a lower interest rate. I’m near my credit limit, so wondering what happens when I transfer the money to the balance transfer card with the other two cards. My credit score isn’t the best as I’ve just gone self employed. Not sure what my best options will be.

onlyfoolsandparking

What do you mean what happens to the other 2 cards? hopefully you will get a new card with a large enough limit to pay off both your existing cards, they will then have a zero balance and you can do with them what you like.


Personally I like to empty a card onto another card and then return it when the deal ends and the card I emptied is offering a new deal, its the only way to keep interest to a minimum, I've not paid interest doing it this way for years.


In answer to your Credit score and self employed, ignore that (well certainly credit score BS) do an eligibility check on MSE and see who's offering what, that's your first move.

Jakdore

So what I was wondering in regard to the original 2 cards how can I have them with a credit limit if I have got the new balance transfer card loaded with the original debt if I’m explaining myself properly. Probably not putting it right. Say I have a limit of £5k and I moved £5k what happens to the old cards now I have the £5k limit on the balance transfer card.

Craig1981

you old cards that you transferring the balance from will have a nil balance, but will remain open. My advice is if you are at your limits, to cut up cards as to not use them, but to keep them open.

i would use an eligibility checker as well to see likelihood of being accepted for another card based on history you have pointed out.

you also may not get a new card with a high enough balance to transfer both of your cards to